Difficult to Dethrone Global Crypto Hub Dubai, Says Ambassador -Breaking

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Difficult to Dethrone Global Crypto Hub Dubai, Says AmbassadorGlobal Crypto Hub Dubai is difficult to dethrone, declares Ambassador

    • UAE Ambassador: the nation will be “difficult” to unseat as the global crypto hub.
    • This Gulf country has been a hub for crypto-related activities.
    • To join cryptocurrency companies, traditional bankers have quit their jobs.

The United Arab Emirates (UAE) continues to prove its full embrace of the cryptocurrency industry as it is now difficult to unseat the Arab country as the global crypto hub, said UAE’s Barbados Ambassador Gabriel Abed in a phone interview with Bloomberg.

It won’t be easy to dethrone the UAE as the global crypto hub. This country literally has every piece of the puzzle – the leadership, regulations, the free zones, the talent, and the capital

With its crypto-friendly policies, UAE has been a popular destination for enthusiasts in the midst of the crypto boom.

The UAE has a lot of talented people. Although crypto companies from all over the globe have established operations in UAE, traditional bankers are also keen to expand their business.

“We see a lot of interest from employees in traditional financial institutions who want to work for us,” revealed Richard Teng, the head of Binance MENA in an interview with Bloomberg. He added that they are already “recruiting a number of them.”

The UAE has a lot of talented people. Although crypto companies from all over the globe have established operations in UAE, traditional bankers are also keen to expand their business.

Amir Tabch is an ex-head of global markets at Emirates Investment bank and believes that traditional financial and cryptocurrency industries do not have to be so different. He revealed that he is looking to hire more bankers to help “bridge the gap” between the two sectors.

Apart from individuals, large enterprises are also getting into crypto. For example, wealth funds Mubadala Royal Group and ADQ have already made moves into the space.

Dubai Multi Commodities Centre reports that 665 new businesses applied for registration in the first quarter. DMCC also stated that crypto-centric companies accounted for 16% of all registered firms.

While UAE stands as the Middle East’s third largest crypto market, behind Turkey and Lebanon, with approximately $26 billion in transaction volume, experts have claimed there would be more crypto companies moving to the country.

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